NEW YORK (TheStreet) -- Shares of ConforMIS(CFMS) - Get Report are plunging by 49.65% to $5.09 on heavy trading volume on Friday morning, after the medical device company cut its 2016 outlook and began the search for a new CEO.

After yesterday's market close, the Bedford, MA-based company said it now forecasts revenue between $76 million and $81 million for 2016, down from its previous guidance of $84 million to $87 million.

Analysts are looking for revenue of $85.8 million for the full year.

Additionally, ConforMIS said its board has retained an executive search firm to look for a new president and CEO to succeed Philipp Lang.

The company expects Lang to remain the CEO until a successor has been appointed. He will also continue to serve on the board.

For the 2016 first quarter, ConforMIS posted a net loss of 37 cents per share, narrower than the loss of 38 cents per share that analysts had projected. 

Revenue for the period was $20.3 million, above Wall Street's estimates of $19.2 million.

The company develops, manufactures and sells individually sized and shaped joint replacements.

About 3.43 million of the company's shares were traded so far today vs. its average volume of 320,875 shares per day.

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